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CBRE Announces Sale of Office Property Bridgegate Plaza in Diamond Bar CA, to Great Far East

CBRE announced the sale of Bridgegate Plaza, a state-of-the-art office building located in Diamond Bar, California to Great Far East.

CBRE’s John Bibeau and Steven Saunders and Jeff Cole and Ed Hernandez of Cushman & Wakefield represented the seller. Irvine, CA-based GFE represented itself in the transaction with CBRE providing underwriting support. CBRE has also been retained as exclusive listing agent by the new owner.

The property, located at 1440 Bridgegate Plaza Drive, is approximately 135,000 square feet in size. The three-story Class-A building, which features a stone lobby and sky-lit atrium, was constructed in 2002 and has immediate access to both the 60 and 57 freeways. The property was 78% leased at the time of the acquisition with major tenants including QTC and Insperity.

Great Far East is a full-service real estate development and management company that has developed over 32 million square feet of real estate. These real estate projects have ranged from ground up construction to the renovation and lease up of existing structures.

“We purchased this asset with the intent to continue the tradition set by the previous owner of providing Class A office space to tenants in the area,” said Landon Wright, partner at GFE, “We plan to improve upon the common areas and create indoor/outdoor experiences in line with the changing demands of office tenants. The tremendous views of the valley, coupled with the high parking ratio and quality of the asset, make this an exciting project for us.”

Los Angeles market dynamics strengthened in the second quarter of this year, as office employment continued to grow at a slow but steady pace consistent with broad economic expansion, according to the latest CBRE research. Office vacancy in the region continued to decline through Q2 to 14%, down from 14.4% one year ago. Media-heavy markets drove activity and growth remained positive in the area with the overall asking lease rate increasing to $3.09 sq. ft., a 6% jump year over year.